Britain's FTSE recovers from Trump shock to hit one-week high

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* FTSE 100 index closes 1 pct higher

* Miners, pharma stocks rally

* U.S.-exposed firms also gain

By Atul Prakash and Kit Rees

LONDON, Nov 9 (Reuters) - Britain's top share index endedhigher, boosted by mining companies and drugmakers, after avolatile Wednesday that saw the index slumping 2 percent inearly trading following Donald Trump's victory in the U.S.presidential election.

Republican Trump stunned the world by defeating his heavilyfavored Democratic rival, Hillary Clinton, raising concerns thathis victory could cause economic and global uncertainty. Stocksacross the globe initially fell, but then recovered followinghis well-received victory speech.

"Overall, a Trump victory has so far failed to trigger theglobal stock market panic that many expected. As with Brexit,this is a cautionary reminder not to try to base investmentstrategies on the outcome of political events," Laith Khalaf,senior analyst at Hargreaves Lansdown, said.

Credit Suisse analysts said that most of Trump's moretroubling policies, such as those related to immigration andprotectionism, were likely to be toned down. Some of his otherpolicies, like more fiscal spending and lower corporate taxes,could be seen as positive for equities.

Mining companies tracked a sharp rise in prices of gold,generally seen as a safe-haven asset, although it was off itshighs after the conciliatory victory speech that also helped thedollar to rebound. Base metals also rallied on expectations thata Trump presidency could herald a period of fiscal stimulus andboost demand for metals.

The UK mining index, which includes preciousand base metals companies, surged 5.9 percent to its highestsince mid-2015, boosted by a 6.8 to 10.7 percent jump inFresnillo, Antofagasta and Glencore.

The blue chip FTSE 100 index closed 1 percent higherafter setting a one-week high. The domestically focused FTSE 250index closed 0.8 percent higher.

Healthcare stocks spiked in a relief rally as Clinton wasseen as imposing tighter regulations. Pharma stocks had beenlosing ground before the election on worries that a Clintonpresidency would put pressure on drug prices.

Shares in Hikma, Shire, Astrazeneca and GlaxoSmithKline gained 2.7 to 8.3 percent.

Some companies with significant exposure to the UnitedStates also rose. CRH a construction firm which had beentouted as a potential beneficiary from any increase in U.S.infrastructure spending, jumped 6 percent, as it derives abouthalf of its revenues from the country.

U.S.-focused Ashtead soared 11.5 percent.

Shares in banking stocks rose 1.3 percent, inline with their European peers, with some analysts speculatingabout a more benign regulation in America and on expectationsthat the Fed could still raise interest rates this year.

However, some stocks came under heavy selling pressure.British grocer Sainsbury fell 6.6 percent afterreporting an underwhelming set of results. The supermarketreported a third straight decline in first-half profit, hurt bya fall in sales. (Reporting by Kit Rees; Editing by Larry King)